The Penpie protocols were victims of a digital asset hack on Sept. 3, 2024, and $27 million in client funds were drained.
At the time of this writing, the Penpie protocol, an independent decentralized finance protocol constructed on top of Pendle, was the victim of an exploit on Sept. 3, 2024, resulting in the loss of $27 million in client funds. In 2024, cryptocurrency hackers have stolen $1.21 billion in funds, representing a 15.5% increase from 2023.
Penpie Protocol Suspends deposits due to hack
The offending transaction was traced back to an address ending in “bb7” by Onchain investigators, who identified it as one of the hacker’s multiple addresses. Penpie has temporarily suspended all deposits and withdrawals as a precautionary measure.
Additionally, Pendle spokespersons assured users that all customer funds were secure after the breach and suspended all contracts until the matter was resolved.
The number of cryptocurrency hacks is on the rise in 2024. Regrettably, the Penpie exploit is not an isolated incident; it has become an all-too-common occurrence in 2024 as the number of crypto breaches and exploits grows.
Immunfi’s most recent report disclosed that breaches and exploits have stolen more than $1.2 billion in funds this year. The funds that were lost are dispersed across 154 distinct incidents.
Mitchell Amador, the founder and CEO of Immunefi, also disclosed to Cointelegraph that the majority of these exploits took place in the decentralized finance sector; however, the centralized finance infrastructure’s exploits caused the majority of the monetary harm due to the massive amounts of capital it contains.
In August 2024, monetary losses from breaches exceeded $313 million, according to a report from security firm PeckShield. The theft of approximately $238 million in Bitcoin and $55 million in Dai resulted from two of the most significant attacks during the month.
In August 2024, monetary losses from phishing attacks—a type of pernicious exploit in which a hacker uses deceiving links to extract sensitive information from victims—increased by 215%, according to another report from Scam Sniffer.
The report observed that the number of phishing attacks in August decreased compared to July, but the number of stolen funds increased, with a single attack resulting in the theft of $55 million.
